JinkoSolar (NYSE:JKS) Stock Price Down 2.6% Following Analyst Downgrade

JinkoSolar Holding Co., Ltd. (NYSE:JKS) shares traded down 2.6% on Wednesday after Roth Mkm lowered their price target on the stock from $25.00 to $20.00. Roth Mkm currently has a neutral rating on the stock. JinkoSolar traded as low as $17.35 and last traded at $17.55. 158,784 shares traded hands during trading, a decline of 81% from the average session volume of 850,925 shares. The stock had previously closed at $18.02.

A number of other equities research analysts also recently issued reports on the company. StockNews.com upgraded JinkoSolar from a “sell” rating to a “hold” rating in a research report on Monday. The Goldman Sachs Group lowered their price target on JinkoSolar from $21.00 to $18.00 and set a “sell” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat, JinkoSolar presently has an average rating of “Hold” and an average target price of $24.60.

Institutional Trading of JinkoSolar

A number of hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp raised its position in JinkoSolar by 1.8% during the second quarter. Mackenzie Financial Corp now owns 2,572,177 shares of the semiconductor company’s stock valued at $53,296,000 after purchasing an additional 44,661 shares in the last quarter. Millennium Management LLC raised its holdings in shares of JinkoSolar by 2,305.1% during the 2nd quarter. Millennium Management LLC now owns 168,911 shares of the semiconductor company’s stock valued at $3,500,000 after buying an additional 161,888 shares in the last quarter. Decade Renewable Partners LP bought a new stake in JinkoSolar in the 2nd quarter worth approximately $4,272,000. Point72 Europe London LLP purchased a new stake in JinkoSolar in the second quarter worth approximately $3,023,000. Finally, Marshall Wace LLP grew its position in JinkoSolar by 49.5% during the second quarter. Marshall Wace LLP now owns 447,709 shares of the semiconductor company’s stock valued at $9,277,000 after acquiring an additional 148,268 shares during the last quarter. 35.82% of the stock is owned by institutional investors.

JinkoSolar Price Performance

The stock has a market capitalization of $917.99 million, a PE ratio of 2.69 and a beta of 0.38. The firm’s 50 day simple moving average is $20.22 and its 200 day simple moving average is $23.46. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.03 and a quick ratio of 0.77.

JinkoSolar Announces Dividend

The firm also recently declared a Variable dividend, which was paid on Friday, August 30th. Shareholders of record on Thursday, August 15th were paid a $1.50 dividend. This represents a yield of 15.6%. The ex-dividend date of this dividend was Thursday, August 15th. JinkoSolar’s dividend payout ratio is presently 46.18%.

About JinkoSolar

JinkoSolar Holding Co, Ltd., together with its subsidiaries, engages in the design, development, production, and marketing of photovoltaic products. The company offers solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots. It also provides solar system integration services; solar power generation and solar system EPC services; and energy storage system, as well as undertakes solar power projects.